Flat 6 Grosvenor House, Northampton, Northamptonshire

Description

A well-presented one-bedroom ground floor flat situated within a quiet cul-de-sac location in the popular area of Kingsthorpe, offered with vacant possession and no onward chain. An ideal opportunity for first-time buyers, downsizers or investors seeking a well-located property with value-add potential. Estimated rental income is £9,600 per annum representing 12.8% gross yield at the guide price. Extending to approximately 450 sq ft of internal accommodation, the property features an open-plan living/kitchen area, hallway, double bedroom and bathroom. The property also has communal parking at the front. The flat has undergone light refurbishment in recent years, with scope for further cosmetic internal improvement & redecoration. Conveniently positioned just off Harborough Road, the property benefits from easy access to a range of local shops, cafés and amenities, whilst backing onto Green Oaks Primary School.

Accommodation

Approximately 450 sq ft of internal accommodation comprising entrance hall, kitchen and living area, bathroom, hallway and one double bedroom. The kitchen includes wall and base mounted units, roll top surface, one-and-a-half sink and drainer, electric oven, electric hob, extractor and washing machine. The bathroom has a bathtub with electric shower over, WC and wash basin.

Location

Situated within a quiet cul-de-sac in Kingsthorpe, just off Harborough Road, with access to local shops, cafés and amenities. The property backs onto Green Oaks Primary School.

Tenure / Property Information

Investment Analysis

Recent same-building Land Registry sales provide the strongest value evidence: £90,000 in August 2024 and £95,000 in March 2023, with older sales ranging from £70,000 to £85,000. A base GDV of £90,000 is used, with a supported scenario range of £82,500–£95,000. The 76-year lease and £1,068 annual service charge/ground rent should be considered when comparing value and resaleability.

Investment Snapshot

Strategy Recommendation

Potential income-led purchase at or below the guide, subject to verification of the rent, lease terms, service-charge position and all additional auction costs. Avoid relying on a flip or BRRR strategy without quantified works, selling costs and lender confirmation.

Works Required

Light cosmetic internal improvement and redecoration, as indicated by the description. No quantified refurbishment allowance is supported by the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide price, known acquisition costs total £78,600 before refurbishment, legal, search and other additional costs. A 75% refinance against the £90,000 base GDV would provide an indicative £67,500, leaving £11,100 of the stated known cost base unrecovered before finance, tax and any works. The outcome is sensitive to the 76-year lease, lender criteria and the unsupported refurbishment cost.

Buy-to-Let Analysis

The auctioneer estimates rent at £9,600 per annum (£800 pcm), equating to 12.8% gross yield on the £75,000 guide and approximately 12.2% on the guide plus the stated £2,400 buyer premium and £1,200 admin charge. The £1,068 annual service charge and ground rent reduce the effective return before finance, tax, maintenance and other costs. No sufficiently specific external rental comparable was identified, so the rent estimate should be independently verified.

Flip Analysis

The £90,000 base GDV is supported by recent same-building completed sales. Against the £78,600 known acquisition cost, the nominal difference is £11,400 before refurbishment, selling costs, finance, tax and other auction-related costs. A reliable flip surplus cannot be calculated because refurbishment and selling allowances are not supplied.

Investor Risks & Due Diligence

• Only 76 years remain on the lease, which may affect mortgageability, resaleability and future lease-extension cost.

• The £89 per month service charge and ground rent reduce net rental returns.

• The £9,600 annual rent is an auctioneer estimate rather than a passing rent or independently evidenced achieved rent.

• EPC rating is 42, and any required improvement cost is not supplied.

• Additional costs may include search fees, seller-cost reimbursement, legal fees and transfer fees.

• Refurbishment is described as cosmetic, but no cost allowance is provided.

Recommendation

Potential income-led purchase at or below the guide, subject to verification of the rent, lease terms, service-charge position and all additional auction costs. Avoid relying on a flip or BRRR strategy without quantified works, selling costs and lender confirmation.

Strategy Rating

Analysis Confidence

Same-building completed sales and the auctioneer rent estimate are available, but there is no external rental comparable, no quantified refurbishment cost, incomplete council-tax information and no full schedule of additional acquisition or disposal costs.